Madrid / ES. (epg) First half earnings were once again higher than those recorded in the same period last year, when record earnings had been posted, confirming yet again the sound progress and correct strategic approach of Spain’s Ebro Foods S.A.. The first quarter growth was confirmed during this period, exceeding the already excellent earnings achieved in the first six months of 2023. This is a clear indication that we made the right investments in CAPEX, with which we have boosted sales of fresh pasta products and those with higher value added, and of the favourable evolution of both our Divisions and their respective brands, which outstripped growth on their respective markets.
Accordingly, the most important financial metrics maintained satisfactory growth throughout the period. Net Profit totalled EUR 108.8 million, up 16.9 percent year on year. Adjusted Ebitda rose 8.1 percent year on year to EUR 210.5 million, thanks largely to the strong growth in the Pasta Division. The Group registered a year-on-year growth of 1.4 percent in turnover to EUR 1,580.1 million after adjusting our prices on some markets, in keeping with our commitment to consumers. Meanwhile, the Group’s Net Debt stood at EUR 572.5 million, EUR 2.1 million more than at year-end 2023 following dividend payments in April and June and accrual of the dividend payment for October, in a total sum of EUR 114 million.
Core businesses
Rice Area: Our Rice Division remained strong throughout the period. In raw materials, the rainfall in March enabled us to forecast almost normal sowing in southern Spain for the 24/25 harvest and, in consequence, improved utilisation of our industrial plants. Moreover, farm gate prices of aromatic rice varieties from Asia remained stable, although purchase costs were subsequently raised by the inflation in freight. The Herba Group’s business has performed well in Europe and Asia, with a good evolution of Riviana sales, especially in aromatic and microwave products and strong growth in the frozen, instant and value added categories. The Division posted a turnover of EUR 1,235.3 million and an adjusted Ebitda of EUR 164.4 million.
Pasta Area: The Pasta Division has closed an extraordinary half-year period, boosted by the excellent development of the fresh pasta business, strong Garofalo sales underpinned by significant investment in advertising, along with the suppression of prices of energy and certain auxiliary raw materials, mitigating the high cost of other main ingredients of the fresh pasta business, such as potato flakes. Olivieri performed especially well in Canada, with double-digit growth, way above the growth rate of the category, with increases of over 20 percent in gnocchi, successful launchings of Lustucru: Gnocchi Star and Gnocchini, and a significant rise in Bertagni sales in the USA and Spain. The Division posted a turnover of EUR 347.2 million and an adjusted Ebitda of EUR 54.5 million.
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Circus Group: Signs Preliminary Agreement With FLC
- DPE Dominos Pizza Enterprises: Reports FY-2024 Results
- Reborn Coffee: Provides Q2-2024 Corporate Update
- DSM-Firmenich AG: reports H1-2024 Fiancial Results
- Kerry Group: Announces Half Year Results 2024
- Walmart: Releases Q2-2025 Financial Results
- Mars Inc.: to Acquire Kellanova Company
- Aryzta AG: announces H1-2024 Interim Report
- Brenntag SE: becomes more cautious for 2024
- Lotus Bakeries: reports sales growth of 19% in H1-2024
- Avolta AG: reports strong H1-2024 turnover growth
- RBI: Reports Second Quarter 2024 Results
- Corbion: announces H1-2024 financial results
- Krispy Kreme: Reports Q2-2024 Financial Results
- Papa Johns: Announces Q2-2024 Financial Results
- Nomad Foods: Reports Q2-2024 Financial Results
- Beyond Meat: Reports Second Quarter 2024 Results
- Raisio PLC: Half-Year Financial Report 2024
- SunOpta: Announces Q2-2024 Financial Results
- B+G Foods: Reports Q2-2024 Financial Results